📌 Key Highlights : Budget 2022
📍 GDP growth for FY 22 expected to be 9.2%, the highest for any large economy.
📍 PLI (Production Linked Incentive scheme) in 14 sectors for Aatmanirbhar Bharat to create 6 million jobs , additional allocation of Rs 19,500 crore for PLI in solar PV module manufacturing.
📍Promoting Fintech and digital economy a focus area for this Budget.
📍 75 digital banking systems in 75 districts by scheduled commercial banks.
📍 IBC to be amended to improve efficiency of resolution process including cross border.
📍 Core Banking Services to start in Post offices
📍 PM Gati-shakti masterplan Has scope to enhance Multimodal communication through 7 engines, 2000 km of rail network to be brought under KAVACH & Highway network to grow by 25,000 km in FY23.
📍Contracts for implementation of multimodal logistics parks at 4 locations to be awarded in 2022-23, in PPP Mode
📍 ECLGS (Emergency Credit Line Guarantee Scheme) to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore
📍 8 million new dwelling in rural, urban areas to be completed under PM Awas yojana
📍 Rs 2.37 trillion worth of MSP direct payments to wheat and paddy farmers.
📍 Rs 2 trillion outlay for MSMEs, Additional loans for 13 mn MSMEs.
📍 Rs 48,000 crore allocated to housing projects under PM Housing Scheme for FY23, Rs 1,500 crore allocated for development of the Northeast in FY23 & Desh stack e-portal to be launched to promote Digital infra
📍 New provision to file updated return within 2 years of relevant assessment year.
📍 Alternate minimum tax for cooperative societies down from 18.5% to 15%
📍 Tax deduction limit for state govt employees to NPS raised from 10% to 14%
📍 Surcharge on Corporate tax pruned from 12% to 7% Surcharge on transfer of long-term capital gains tax capped at 15%
📍 Tax exemption to start-ups extended to March 2023.
📍 Gross GST collection for January 2022 at a record Rs 1.41 trillion
📍 No change in income tax slab.
📍 Electric Vehicles battery-swapping policy to be brought out with interoperability standards.
📍Concessional duty on import of capital goods to be phased out.
📍 Duty on unpolished diamonds to be reduced to 5%
📍Customs duty on steel scrap extended by a year
📍RBI led digital rupee using blockchain to be launched in FY23, 1% TDS on transfer of virtual digital assets & income to be taxed at 30%
📍 68% of capital outlay for Domestic defence industry.
📍Revised Fiscal Deficit 6.9% of GDP in FY22 as against 6.8% in Budget estimates, Fiscal deficit at 6.4% in FY23
📍 Total expenditure in FY23 estimated at Rs 39.45 trillion ; total resources mobilisation to be Rs 22.84 trillion other than borrowing.
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